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Auditor Report of AVI Polymers Ltd.

Mar 31, 2015

We have audited the financial statements of AVI Polymers Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirement

1. As required by the Companies ( Auditor's Report) order, 2015 (' the Order') issued by central Government of India in terms of sub-section (11) of section 143 of the Act , we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the order , to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of the written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2).

The Annexure referred to in our report to the members of AVI Polymers Limited, on the financial statements for the year ended on 31st March 2015. We report that:

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, the company has a regular programme of physical verification of its assets by which fixed assets are verified, and no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

(ii) (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

(iii) (a) The company has not granted any loans, secured or unsecured, to companies, firms or other (a) Parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (b), iii(c) of the order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct anyweaknesses in the internal controls has been noticed.

(v) The company has not accepted any deposits from the public.

(vi) As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under section 148(1) of the Act.

(vii) (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of aforesaid dues were in arrears as on 31st of March, 2015 for a period of more than six months from the date they became payable.

(c) The disputed statutory dues aggregating Rs. 103.84 lacs that have not been deposited on account of disputed matter pending before appropriate authority are as under.

Name of Nature of Amount Rs. Financial status Dues In Lacs Year to which amount relates

Income tax Tax on 5.56 1999-2000 Act,1961 assessment u/s 143(3)

Income tax Tax on 98.28 2000-2001 Act,1961 Assessment u/s 143(3)

Income tax Tax on 11.34 2006-2007 Act,1961 Assessment u/s 143(3)

Income tax Tax on 0.19 2011-2012 Act,1961 Assessment u/s 143(3) 115.37

Name of Forum where status dispute is pending

Income tax Gujarat High Act,1961 Court Ahmedabad

Income tax ITAT Act,1961 Ahmedabad

Income tax ITAT Act,1961 Ahmedabad

Income tax CIT (Appeals) Act,1961

(d) According to the information and explanations given to us there were no amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time, and hence this clause is not applicable.

(viii) The Company has accumulated loss at the end of the financial year which is not more than 50 % of its net worth. Considering the above we are of the opinion that the Fundamental Assumption of "Going Concern" is not affected. The company has not incurred cash losses during the financial year covered by the audit and in the immediate preceding financial year.

(ix) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(x) In our opinion and according to the information given to us, the company has not given any guarantee for loan taken by other from banks and financial institutions.

(xi) Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

(xii) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

Date: - 2&h May, 2015 For, S.S. Dasani & Co. Place: - Ahmedabad Chartered Accountants

(Arpit Shah) Partner M.No.125043 FRN: 116521W


Mar 31, 2014

We have audited the accompanying financial statements of "AVI POLYMERS LIMITED", which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement |

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13 September, 2013 of Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India . This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company's internal Control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Statement of Profit and Loss Account, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that: i

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13 September, 2013 of Ministry of Corporate Affairs in respect of Section 133 ofthe Companies Act, 2013;

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. The company has not granted any loans, secured or unsecured, to companies, firms or other

(a) Parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, there is no transaction made in pursuance of such contract or arrangement at price which are not reasonable having regard to prevailing market price at the relevant time.

6. As per information & explanations given to us and in our opinion, the Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company does not have an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities.

(b)According to the information and explanations given to us there were no undisputed amount payable in respect of aforesaid dues were outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

(c) The disputed statutory dues aggregating Rs. 103.84 lacs that have not been deposited on account of disputed matter pending before appropriate authority are as under.

Name of Nature of Dues Amount Financial Forum where status Rs. In Year to dispute is Lacs which pending amount relates

Income Tax on assessment 5.56 1999-2000 Gujarat High Court tax u/s 143(3) Ahmedabad Act, 1961

Income Tax on Assessment 98.28 2000-2001 ITAT Ahmedabad tax u/s 143(3) Act, 1961

103.84

10. The Company has accumulated loss at the end of the financial year which is not more than 50 % of its net worth. Considering the above we are of the opinion that the Fundamental Assumption of "Going Concern" is not affected. The company has not incurred cash losses during the financial year covered by the audit and in the immediate preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not trading in Shares, Mutual funds & other Investments; therefore the provision of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 is not applicable.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution therefore the provision of clause 4(xv) of the Companies (Auditors Report) Order, 2003 is not applicable.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. According to the information and explanations given to us and based on the audit procedures performed the Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year therefore the provision of clause 4(xx) of the Companies (Auditors Report) Order, 2003 is not applicable.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

Date:- 27th May,2014 For, Purushottam Khandelwal & Co. Place: - Ahmedabad Chartered Accountants

(P.H. Khandelwal) PARTNER Membership No. 100601


Mar 31, 2013

We have audited the accompanying financial statements of "AVI POLYMERS LIMITED", which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

b) in the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. The company has not granted any loans, secured or unsecured, to companies, firms or other

(a) Parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, there is no transaction made in pursuance of such contract or arrangement at price which are not reasonable having regard to prevailing market price at the relevant time.

6. As per information & explanations given to us and in our opinion, the Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities.

(b)According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(c) The disputed statutory dues aggregating Rs. 28.24 lacs that have not been depoited on account of disputed matter pending before appropriate authority are as under.

Name of status Nature of Dues Amount Financial Forum where Rs. In Year to dispute is Lacs which pending amount relates

Income tax Tax on assessment 18.00 1999-2000 Gujarat High Act,1961 u/s 143(3) Court Ahmedabad

Income tax Penalty u/s 6.93 1999-2000 CIT (Appeal), Act, 1961 271(l)(c) Ahmedabad

Income tax Tax on Assessment 3.31 2000-2001 ITAT Ahmedabad Act, 1961 u/s 143(3)

28.24

10. The Company has accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year. Considering the same we are of the opinion that the Fundamental Assumption of Going Concern is not affected.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not trading in Shares, Mutual funds & other Investments, therefore the provision of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 is not applicable.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution therefore the provision of clause 4(xv) of the Companies (Auditors Report) Order, 2003 is not applicable.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company no long term funds have been used to finance short term asset except permanent working capital.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. According to the information and explanations given to us and based on the audit procedures performed the Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year therefore the provision of clause 4(xx) of the Companies (Auditors Report) Order, 2003 is not applicable.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

Date:- 27th May,2013 For, Purushottam Khandelwal & Co. Place: - Ahmedabad Chartered Accountants

(P.H. Khandelwal) Proprietor M.No.100601 FRN: 123825W


Mar 31, 2011

We have audited the attached Balance Sheet of AVI POLYMERS LIMITED as at 31st March, 2011 and also the Profit and Loss Account and Cash flow statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in acdordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management. As well as evaluating the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion.

(1) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

(2) In our opinion proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of the books of accounts ;

(3) The Balance Sheet and Profit & Loss Account and cash flow statement dealt with by this report are in agreement with the books of accounts.

(4) In our opinion, the Profit & Loss Account and the Balance Sheet and cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(5) On the basis of the written representations received from the Directors as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March 2011 from being appointed as a Director in terms clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(6) a) Balance of debtors, creditors, loans and advances are subject to confirmation and adjustments, if any.

(7) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss account read together with notes thereon give the information required by the Companies Act, 1956, in the manner so required and on such basis give a true and fair view :

Annexure referred to in paragraph 1 of our report even date.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, , and on the basis of such checks of the books of account and records as we considered appropriate during the course of the audit, we further state on the matters specified in the paragraphs 4 and 5 of the said order that:

(1) (a) Proper records showing full particulars including quantitative details and situation of Fixed Assets of the company has been kept.

(b) As informed by to us, the fixed assets have been physically verified by the management during the year and there is a regular programme of verification, which, in our opinion is reasonable regards to its nature of assets. As informed to us, no material discrepancies were noticed on verification.

(c) No substantial parts of the fixed assets have been disposed off during the year.

(2) (a) The inventory has been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of verification is reasonable..

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies, if any noticed on verification between the physical stocks and the books records were not material and have been properly dealt with.

(3) (a) The company has not granted any loans, secured or unsecured, to the parties covered under the register maintained under section 301 of the Companies Act, 1956. So the question of maximum amount involved during the year and year end balance does not arise.

(b) Since company has not granted any loans, secured or unsecured, to the parties covered under the register maintained under section 301 of the Companies Act, 1956. So the question of rate of interest does not arise.

(c) Since company has not granted any loans, secured or unsecured, to the parties covered under the register maintained under section 301 of the Companies Act, 1956. So the question of repayment of loans does not arise.

(d) Since the company has not given any loan to the parties covered in register maintain u/s 301, so the question of whether there are any overdue amount with the parties to whom loans granted does not arise.

Name of Status Nature of dues Amount Financial Year Rs. In lacs to which amt. relates

Income Tax Act,1961 Tax on assessment Rs18.00 1999-2000 u/s 143(3) lacs

Income Tax Act, 1961 Taxon assessment Rs.3.31 2000-2001 u/s 143(3) lacs

Name of Status Forum where dispute is pending

Income Tax Act,1961 Gujarat High Court Ahmedabad.

Income Tax Act, 1961 ITAT Ahmedabad.

(10) In our opinion, company has incurred cash profit of Rs 0.29 lacs during the financial year covered by our audit and Profit of Rs 0.17 lacs in the immediately preceding financial year.

(11) In our opinion and according to the information and explanations given to us, there is no dues of any financial institute and debenture holders.

(12) According to the information and explanation given to us, the company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. Therefore the provisions of clause 4(xii) of the Companies (Auditors Report) order, 2003 are not applicable.

(13) In our opinion, the company is not a Chit Fund or a Nidhi/Mutual Benefit Fund/Society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the company.

(14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 is not applicable to the company.

(15) According to the information and explanation given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. And hence the provisions of clause 4(xv) of the Companies (Auditors Report) Order, 2003 is not applicable.

(16) In our opinion, no term loan was obtained during the year under audit.

(17) According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for Long-term investment. No long-term funds have been used to finance short- term assets except permanent working capital.

(18) According to the information and explanations given to us, the company has not made preferential allotment of shares to companies and parties covered in the register maintained u/s 301 of the Companies Act. Accordingly, the provisions of clause 4(XVIII) of the companies (Auditor's Report) Order, 2003 is not applicable.

(19) According to the information and explanations given to us, during the period covered by our audit report, the company has not issued any debentures. Accordingly, the provisions of clause 4(XIX) of the companies (Auditor's Report) Order, 2003 is not applicable.

(20) The company has not raised any money by way of public issues during the year.

Accordingly, the provisions of clause 4(XX) of the Companies (Auditor's Report) order, 2003 is not applicable.

For and on Behalf of Board of Directors of AVI POLYMERS LIMITED

Date: 3 September, 2011 Place: Ahmedabad

DIRECTOR DIRECTOR

DIRECTOR

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